Bitcoin is currently trading near its all-time high (ATH) after surging over 3.2% in the last 24 hours, as several key long-term bull market indicators have pointed at a continued upside in the current bull cycle for Bitcoin. This likely indicates that the peak is far from sight.
As of press time, none of the 30 major Bull Market Peak Indicators curated on CoinGlass have shown Bitcoin is at the top. This means the cryptocurrency market, in the long term, is yet to reach a major resistance level and will likely break the recently made all-time high (ATH) at $123,000—as per CoinMarketCap data.
After a brief profit-taking move, Bitcoin is currently trading at around $122,000 after trading at $116,500 just two days ago.
New Bitcoin High Soon?
Jason Pizzino, a well-known crypto analyst, said in a post on X earlier today that, “Bitcoin is 1% away from another new all-time high this cycle.” If this current bullish move continues, we may see Bitcoin breaking the ATH from the previous month and creating a new one.
Augustine Fan, Head of Insights at SignalPlus, said, “Crypto [saw] a rebound in prices this week, led by headline statements from Trump ordering regulators to ‘look into’ the possibility of including crypto (and private equity) into 401k portfolios.” By this move, the crypto market will likely see significant buying demand in coming days.
Crypto Market Cap Surges to $4 Trillion
Over the weekend, the total crypto market cap reached an all-time high of $4 trillion for the first time in history, with Bitcoin’s market cap taking the largest chunk of it at around $2.4 trillion. This happened as we saw increased crypto inflows starting from July.
This remaining uptrend can be traced to institutional demand keeping Bitcoin dominance high. Last week, Bitcoin ETFs saw a net inflow of $247 million, with BlackRock’s IBIT leading the way with a net inflow of $189 million, as per SosoValue.
Besides, the crypto market still remains in a bullish condition with bullish macro headlines and increasing institutional adoption. While this could be a long-term projection of the market, we can expect an increase in volatility amid this growing adoption.
Also Read: LayerZero Foundation Moves to Acquire Stargate in $110M Deal
